India’s IIP remains negative, declines 0.5% in March 2014

As per the Quick Estimates of Index of Industrial Production (IIP) with base year 2004-05 for the month of March 2014 released by the Central Statistics Office (CSO) of the Ministry of Statistics and Programme Implementation (MoSPI), the industrial production remained negative for the second consecutive month, shrinking 0.5% in March 2014 due to poor performance in manufacturing, especially capital goods.

Output as assessed by the IIP remained almost flat in 2013-14 and slumped 0.1% compared with an expansion of 1.1% in 2012-13.

The General Index for the month of March 2014 stands at 193.2, which is 0.5% less as compared to the level in March 2013. The cumulative growth for the period April-March 2013-14 over the corresponding period of the previous year is at (-) 0.1%.